Another Bite of the aPPPle

Both branches of Congress this week passed emergency legislation extending the application deadline for the Paycheck Protection Program for another month plus. In a surprise move, the republican-led Senate initiated the extension when it passed a bill on Tuesday night postponing the June 30 deadline an additional five weeks until August 8. That move was…

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PPP Loan Window Closing

Those who have yet to access Paycheck Protection Program loans will have to act quickly as the program will stop accepting applications on Tuesday, June 30. Administered by the Small Business Administration (SBA), PPP was funded by Congress to the aggregate amount of $610 billion, but as of this writing there is still almost $100…

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SBA Updates PPP Loan Forgiveness Application

The U.S. Small Business Administration and Department of the Treasury this week released a second application form for Paycheck Protection Program loan participants to use in applying for loan forgiveness along with important new guidance. In light of the changes implemented by the PPP Flexibility Act (PPPFA), which increased the covered period from 8 to…

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SBA Reopens EIDL Program

In other equally important SBA news, the agency this week also announced the reopening of the Economic Injury Disaster Loan (EIDL) program to all small businesses. The popular program, to which Congress had appropriated an additional $50 billion and expanded EIDL eligibility through the CARES Act earlier this year, was quickly overwhelmed and shut down…

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SBA “Finalizes” Forgiveness Program Again

Last Friday night, the Small Business Administration (SBA) issued an Interim Final Rule (IFR) to govern the forgivability of Paycheck Protection Program (PPP) loans. The IFR provides that forgiveness is available for payroll costs, including bonuses and hazard pay, paid OR incurred during the Payroll Covered Period for employees up to the compensation ceiling of…

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SBA Releases PPP Forgiveness Form

Last Friday, the Small Business Administration (SBA) released the Paycheck Protection Program loan forgiveness application form along with instructions for completing it and applying for loan forgiveness. The application consists of four parts: the PPP Loan Forgiveness Calculator, the PPP Schedule A, the PPP Schedule A Worksheet and the Borrower Demographic Information Form. The documents…

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PPP Officially Out of Money

The Paycheck Protection Program (PPP) has officially run out of money as of late Wednesday evening with the entire appropriation of $349 billion having been allocated to small businesses across the country. The Small Business Administration (SBA), which was charged with the administration of the forgivable loan program as part of the massive $2.2 trillion…

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Treasury Releases New Guidance and Q&As on PPP

Speaking of the Paycheck Protection Program, the Small Business Administration (SBA) released a new version of the Q & A guidance on the program on Wednesday of this week. The SBA, in consultation with the US Department of Treasury have made a number of refinements to the program since it passed Congress last week and…

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SBA & IRS Regulations Released

As the “all hands on deck” mindset continues within the federal government in fighting the coronavirus crisis and restoring economic activity as soon as possible, federal regulatory agencies continue to issue guidance clarifying their mandates on a host of issues that dramatically impact business. In that vein, the Small Business Administration has posted guidance on…

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Miscellaneous

The National Council for Occupational Safety and Health, a federation of state and local occupational safety nonprofits, released its Dirty Dozen 2019 report Wednesday. The annual report lists employers that the council believes put workers at risk – and this year, McDonald’s made the cut for its “failure to act” on more than 2 dozen…

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